How Marketing Operations Chooses Wisely Between Bright, Shiny Objects
Last month on our Revenue Marketing journey, we discussed how to formulate your 2018 content marketing strategy. This month we make a right turn on the journey and finally discuss marketing operations and technology. This is the 15th blog in the Revenue Marketing journey series, and we finally get to a discussion on technology. Hopefully that tells you something about how important people, process, data and content are, in that they all preceded this post.
Gartner recently released their CMO Spend Survey 2017 to 2018. In 2018 the survey suggests that marketing spending on technology will drop to 22 percent of the total budget. In addition, the technology landscape as plotted by Scott Brinker and team at Chiefmartec.com exceeded 5000 logos in 2017. So great, marketing operations has all this budget to spend on technology and more choices than we can possibly evaluate. What are we to do? Let’s start with the end in mind.
What Outcomes Do You Expect From the Technology?
We deploy technology largely because it fulfills one or more of the following criteria:
- To gather, analyze and disseminate information to make better business decisions
- To automate some previously labor-intensive processes to gain efficiencies and increase profits
- To enable innovation in the products and services we provide to win market share
So, the question becomes, where in 2018 will you get the highest ROI from technology investments? If you are early in your Revenue Marketing journey, you may opt to invest in a customer relationship management (CRM), a content management system (CMS) and a marketing automation platform (MAP) as these tend to be technology hubs at the center of a typical martech stack as shown below:
As an example, a MAP enables you to gather and analyze behavior data about your prospects and customers so you can make better decisions about how to engage with them to optimize the customer experience. A MAP can also automate responses to prospects when they perform certain actions, thereby reducing the need for human intervention. And a MAP can be configured to move individuals from one campaign to another depending on where they are in their customer journey, adapting the nature of the outreach to match the circumstances of the prospect. An example might be opting new customers into welcome campaigns automatically. So the MAP could meet all three of the criteria listed above for justifying a new technology acquisition.
Kevin Joyce is CMO and VP of strategy services for The Pedowitz Group. He's a marketing executive with 34 years of experience in high tech, in positions in engineering, marketing, and sales. In the past 16 years Mr. Joyce has worked with many companies on their revenue marketing and demand generation strategies. With a unique combination of marketing skills and sales experience he helps bridge the gap between sales and marketing.
Mr. Joyce has successfully launched numerous products and services as a Director of Product Marketing at Sequent, as a Director of Sales at IBM, as Vice President of Marketing at Unicru, and as CEO at Rubicon Marketing Group. He has been VP of Marketing Strategy with the Pedowitz Group for more than six years. He holds a BS in Engineering from the University of Limerick, Ireland and a MBA from the University of Portland. Connect with Kevin on LinkedIn or email him at firstname.lastname@example.org. Download TPG’s new white paper: Introduction to the Revenue Marketing Center of Excellence here.